On July 7, the Second Circuit vacated an order certifying a class of investors in an interlocutory appeal brought by Petrobras and 13 Skadden-client underwriters. The Second Circuit accepted the underwriters' argument that the district court erred in finding that common issues predominated over individualized issues in the certified class. According to the Second Circuit, the district court failed to consider the need for individualized inquiries regarding whether each class member's securities transaction was "domestic" under the Supreme Court's decision in Morrison v. National Australia Bank.

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